{"id":4391,"date":"2019-03-12T12:56:23","date_gmt":"2019-03-12T12:56:23","guid":{"rendered":"http:\/\/itatonline.org\/digest\/precilion-holding-limited-v-dcit-bomhc-www-itatonline-org\/"},"modified":"2021-07-16T10:48:51","modified_gmt":"2021-07-16T05:18:51","slug":"precilion-holding-limited-v-dcit-bomhc-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/precilion-holding-limited-v-dcit-bomhc-www-itatonline-org\/","title":{"rendered":"Precilion Holdings Limited v. DCIT( 2019) 412 ITR 43\/262 Taxman 228 \/ 177 DTR 441  \/(2020) 314 CTR 507(Bom)(HC), www.itatonline.org Editorial : SLP of revenue is dismissed ,DCIT v   Precilion Holdings Ltd ( 2019) 418 ITR 15 (St)\/( 2020) 269 Taxman 488"},"content":{"rendered":"<p><Allowing the petition the Court held that ; If the AO is of the opinion that the issue requires verification, it tantamounts to fishing or roving inquiry. He is not permitted to reopen merely because in the later year, he took a different view on the basis of similar material. Even if the question of taxing interest income under the DTAA was not in the mind of the AO when he passed the assessment, he cannot reopen if there is no failure to disclose truly and fully all material facts- Reassessment is held to be not valid . Ration in decision in Raymond Woollen Mills Ltd v ITO (1999) 236 ITR 34(SC) \u00a0is explained and decisions of Bombay High Court in \u00a0\u00a0Rabo India Finance Ltd v .Dy CIT ( 2013) 356 ITR 200 (Bom) (HC), Multiscreen Media Pvt Ltd v. UOI( 2010) 324 ITR 54\u00a0 (Bom) (HC), Sociedade De Formento\u00a0Industrial P Ltd v. ACIT \u00a0( 2011) 339 ITR 595 (Bom) (HC)\u00a0\u00a0\u00a0 is followed. \u00a0>WPNo. 3342 of 2018, dt. 25.02.2019.)( AY.2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 147: Reassessment -After the expiry of four years -If the AO is of the opinion that the issue requires verification, it tantamounts to fishing or roving inquiry. He is not permitted to reopen merely because in the later year, he took a different view on the basis of similar material-.Even if the question of taxing interest income under the DTAA was not in the mind of the AO when he passed the assessment, he cannot reopen if there is no failure to disclose truly and fully all material facts- Reassessment is held to be not valid-DTAA-India -Cyprus .  [ S.148,, Art. 11(2). ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4391","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-18P","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=4391"}],"version-history":[{"count":7,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4391\/revisions"}],"predecessor-version":[{"id":20221,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4391\/revisions\/20221"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=4391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=4391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=4391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}